Google withdraws from Pwn2Own and starts Pwnium

Google has officially withdrawn its sponsorship from the 2012 Pwn2Own security challenge. According to Google, they pulled out after they discovered that exploits demonstrated at the event did not have to be disclosed to the affected vendors. Instead, Google is pumping $1m into awards they are calling Pwnium. These awards will pay $60k for a full Chrome exploit, $40k for a partial exploit and $20k for flaws that are related to Chrome, but not directly in the browser code i.e. Windows or Flash.